Wilkie D. Ferguson Jr. Federal Courthouse, housing the Florida Southern District Court, in Miami. Credit: Lisa Willis/ALM Par Funding Receiver Urges Judge to Approve $45M Settlement With Eckert Seamans, Freeze Out Objectors
The proposed settlement would max out the firm's insurance limits and ultimately net $37 million for defrauded investors. It also includes $1.2 million set aside for two groups that seek to pursue their own claims against the firm.
May 07, 2024 at 04:16 PM
4 minute read
What You Need to Know
- Eckert Seamans Cherin & Mellott is one step closer to settling claims regarding its former attorney's involvement with Par Funding.
- The firm's proposed settlement was submitted for preliminary approval, contingent upon an order barring further litigation against the firm involving this matter.
- However, counsel for the receiver in the case expects objections from two sets of plaintiffs keen to continue litigating against the firm.
The court-appointed receiver aiming to claw back funds for investors defrauded by Philadelphia-based cash advance company Par Funding asked a Florida federal judge Monday to approve a $45 million settlement with Eckert Seamans Cherin & Mellott, in spite of anticipated objections from two sets of parties allegedly implicated in the company's scheme.
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